Millions lost after three DeFi protocols hacked in one weekend
The decentralized finance (DeFi) sector often proves to be a minefield for those seeking out the latest opportunities; a fact that was illustrated perfectly by a trio of incidents that occurred over the weekend. Friday saw Ethereum-based lending platform Dough Finance lose almost $2 million to a series of flash loan-powered hacks. Peckshield raised the alarm before further attack transactions were identified by ExVul, bringing the total loss to $1.96 million. Hi @DoughFina, you may want to a look (w/ $1.8m) pic.twitter.com/OSAKG45ACr — PeckShield Inc. (@peckshield) July 12, 2024 Read more: CertiK returns funds on its own terms after hacking Kraken for $3M The vulnerability was identified as a lack of validation of flash loan ‘callback’ data, according to crypto auditing firms Ancilia and CertiK. A flash loan allows a user to access vast amounts of crypto, provided the amount is paid back within the same transaction. Peckshield followed the flow of funds, demonstrating the...